Total Sales Decreased 2.8%; Comparable Sales Decreased 1.8% Global Foot Locker and Kids Foot Locker Comparable Sales Increased 1.1% EPS of $0.09 and Non-GAAP EPS of $0.22 Inventory Decreased 5.6% Year-over-Year Reaffirms First-Half and Full-Year 2024 Non-GAAP EPS Outlook NEW YORK, May 30, 2024 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its first quarter ended May 4, 2024. Mary Dillon, President and Chief Executive Off ...

Analysts on Wall Street project that Foot Locker (FL) will announce quarterly earnings of $0.12 per share in its forthcoming report, representing a decline of 82.9% year over year. Revenues are projected to reach $1.89 billion, declining 2.3% from the same quarter last year.The current level reflects a downward revision of 414.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections o ...

The market expects Foot Locker (FL) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 30, 2024, might help the stock move higher if these key numbers are better ...

NEW YORK, April 30, 2024 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, plans to report financial results for its first quarter ended May 4, 2024, before the U.S. markets open on Thursday, May 30, 2024. A conference call is scheduled for the same day at 9:00 a.m. ET, during which the Company will provide an update on the business. An investor presentation will be available under the Investor Relations section of the Company's corporate website at footlocker-inc ...

The Sneaker Hub is part of the new concept Foot Locker at Wayne, NJFoot Locker In the world of sports they often say no pain, no gain. The same might be said of Foot Locker Foot Locker , which unveiled the first fruits of its ambitions in New Jersey this week, despite investors being wary about its capex program and its ongoing struggles with margins.Foot Locker unveiled a new retail concept at its Willowbrook Mall location in Wayne, New Jersey that delivers “an elevated shopping experience and unrivaled cu ...

Foot Locker has unveiled its “store of the future” in Wayne, New Jersey.This new retail format will inform the footwear and apparel retailer’s global refresh, as information gleaned from it will be incorporated into new stores, Foot Locker said in a Wednesday (April 24) press release.“Our new store concept cements Foot Locker’s position as the leader in sneaker culture by offering an engaging, cutting-edge shopping experience for the sneaker passionate,” Mary Dillon, president and CEO at Foot Locker, said i ...

Store Revamp Strategy - Foot Locker is launching a new store concept called "store of the future" to reverse sales decline and attract customers with a more immersive layout, including a "drop zone" for new sneaker releases, communal try-on areas, and elevated brand displays [1] - The company plans to open five "store of the future" locations in 2024, including in New York City, Paris, Melbourne, and Delhi, as part of its "Lace Up" strategy [3] - Foot Locker spent $242 million in fiscal 2023 on remodeling and building new stores, with plans to spend an additional $200 million on real estate projects in 2024 [4] - The retailer aims to redesign 900 stores between 2024 and 2025, with about 100 stores refreshed each quarter, aligning with the new store concept [4] Brand Partnerships and Competitive Landscape - Foot Locker faces competition from its own brand partners, such as Nike and Adidas, which have expanded their direct-to-consumer channels, reducing reliance on wholesalers [6] - The company is working closely with brand partners to enhance digital storytelling and product merchandising, which are central to the new store designs [7] - Nike's recent acknowledgment of over-reliance on direct sales and renewed focus on wholesale partnerships has provided Foot Locker with stronger support from its brand partners [7][8] Financial and Market Performance - Foot Locker's stock price has declined by approximately 29% year-to-date, compared to the S&P 500's gain of over 6%, reflecting ongoing sales challenges [6] - Approximately 80% of Foot Locker's revenue comes from its 2,500+ physical stores, highlighting the importance of store revitalization efforts [3] Uniform and Employee Experience - Foot Locker is modernizing its iconic Striper uniform to offer a more personalized and stylish fit for employees, reflecting attention to detail in its brand refresh [2]

New Concept to Debut at Wayne, N.J. Willowbrook Mall; Format Informs Global Fleet RefreshNEW YORK, April 24, 2024 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), today unveiled its new retail concept that delivers an elevated shopping experience and unrivaled customer service. The global retailer introduced the reinvented retail format at its Willowbrook Mall location in Wayne, N.J., and will incorporate learnings from this concept into new stores. Foot Locker’s reinvented store concept At Foot Locker, th ...

Workforce and Employee Relations - As of February 3, 2024, the company had 14,335 full-time and 32,511 part-time employees, indicating a strong workforce[20] - The company aims to create a diverse and inclusive work environment, enhancing employee relations and retention[21] - The compensation program is designed to attract and retain talent, offering competitive salary, incentive bonuses, and equity[22] - The company’s people strategy focuses on career growth and professional development to enhance team members' capabilities[21] Financial Performance - Total revenue for 2023 was $8,168 million, a decrease of 6.7% from $8,759 million in 2022[212] - Net loss attributable to Foot Locker, Inc. for 2023 was $330 million, compared to a net income of $342 million in 2022[214] - Basic loss per share from continuing operations was $(3.51) in 2023, down from earnings of $3.66 in 2022[212] - Net income for the year was reported at $341 million, a decrease from $892 million the previous year, indicating a decline of about 62%[219] - The company reported a total of 4.5 million anti-dilutive share-based awards excluded from diluted calculations in 2023, up from 2.7 million in 2022[236] - Division profit for 2023 was $264 million, down from $844 million in 2022 and $1,171 million in 2021[289] - Income from operations decreased to $142 million in 2023 from $581 million in 2022 and $870 million in 2021[289] Inventory and Assets - The company's merchandise inventories were valued at $1,509 million as of February 3, 2024[205] - Merchandise inventories decreased to $1,509 million in 2024 from $1,643 million in 2023, reflecting a reduction of 8.1%[216] - Total long-lived assets decreased to $3,118 million in 2023 from $3,363 million in 2022 and $3,533 million in 2021[291] - Total assets decreased to $6,868 million in 2023 from $7,907 million in 2022 and $8,135 million in 2021[292] Liabilities and Equity - Total liabilities decreased to $3,978 million in 2024 from $4,614 million in 2023, a reduction of 13.8%[217] - Total shareholders' equity increased to $3,293 million as of February 3, 2024, compared to $2,890 million in the previous year, reflecting a growth of approximately 14%[219] - The balance of retained earnings stood at $2,925 million, reflecting a decrease of $88 million from the previous year[219] Cash Flow and Investments - Cash and cash equivalents decreased to $297 million in 2024 from $536 million in 2023, a decline of 44.6%[216] - The company experienced a decrease in net cash provided by operating activities, which fell to $91 million in 2023 from $173 million in 2022[220] - Foot Locker's net cash used in investing activities was $222 million in 2023, compared to $162 million in 2022[220] - The company recognized a non-cash impairment charge of $478 million related to a minority investment in 2023[300] Tax and Deferred Tax - The total income tax provision for 2023 is $(93) million, a decrease from $180 million in 2022[336] - Deferred tax assets as of February 3, 2024, total $928 million, with a valuation allowance of $95 million[341] - The company has accumulated undistributed foreign earnings of $511 million, which are permanently reinvested[337] Pension and Benefit Obligations - The benefit obligation at the beginning of 2023 was $566 million, down from $674 million in 2022, reflecting a decrease of approximately 16%[374] - The net benefit expense for 2023 was $90 million, significantly higher than $14 million in 2022, indicating a substantial increase in pension costs[386] - The accumulated benefit obligation for the U.S. qualified pension plan was $400 million in 2023, down from $533 million in 2022, showing a decrease of approximately 25%[375] Shareholder Actions - Cash dividends on common stock were $330 million, with a dividend per share of $1.20, compared to $150 million and $1.60 per share in the prior year[219] - Share repurchases totaled 4,050 thousand shares, resulting in a reduction of $129 million in equity[219] - The company retired 6,019,212 shares of common stock in 2022, with no shares retired in 2023[271] Impairments and Charges - A minority investment was recorded at a carrying value of $134 million, with an impairment charge of $478 million during the fourth quarter of 2023[209] - The company reported an impairment and other expense of $80 million in 2023, down from $112 million in 2022[212] - Goodwill impairment charges totaled $167 million for all periods presented, with no impairment identified in the fourth quarter of 2023[257] Revenue Breakdown - Store sales amounted to $6,751 million in 2023, down from $7,219 million in 2022, reflecting a decline of 6.5%[277] - Revenue from the United States was $5,409 million in 2023, down 9.6% from $5,981 million in 2022[278] - International revenue was $2,759 million in 2023, slightly down from $2,778 million in 2022, a decrease of 0.7%[278]

Foot Locker (FL -1.23%) investors were seeing red this week. Their stock was trading down by 29% through early Friday trading compared to a 1% rally in the wider market, according to data provided by S&P Global Market Intelligence. That slump added to a difficult period for shareholders in the footwear retailer. Its stock has fallen 43% in the past year, even as the S&P 500 has gained 30%.This week's decline came as Wall Street learned that Foot Locker's growth rebound will take longer than management initi ...